Ethena (ENA) Whales Accumulate 2.8 Million Tokens as RSI Suggests Possible Rebound
Ethena (ENA) is drawing renewed attention after on-chain data revealed that large investors accumulated 2.8 million tokens over the past week.
The development comes as the token trades near $0.59, showing signs of stabilization following weeks of downside pressure.
According to on-chain analyst Ali, wallets holding between 10,000 and 100,000 ENA have significantly increased their balances, signaling growing confidence among major holders. This accumulation phase often precedes a potential price recovery, particularly when accompanied by cooling market sentiment.
From a technical standpoint, ENA’s daily chart on Binance shows the price consolidating after retreating from highs above $0.80 in September. The Relative Strength Index (RSI) currently sits at 43, indicating that the token is approaching neutral territory after being oversold for much of the past two weeks. A sustained move above the 50 level could open the door to a rebound toward $0.65-$0.70, provided buying pressure continues.
Despite a cautious broader market, whale activity suggests that institutional players may be positioning for a medium-term bounce. Traders are closely watching whether this accumulation will translate into a new uptrend or if resistance near $0.60 will once again cap short-term gains.
If momentum builds, ENA could retest the $0.70 zone seen in mid-September, while failure to maintain current levels might drag prices back toward $0.52 support.
With fresh whale interest and RSI recovery underway, Ethena appears to be entering a decisive phase. A breakout above $0.60 could mark the start of renewed bullish momentum heading into the second half of October.
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Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
